Champions Group Holdings, a leading HVAC, electrical and plumbing service provider based in Irvine, has agreed to be acquired by Blackstone Inc., the companies announced this week.
Terms of the transaction were not disclosed. However, Bloomberg reports that the deal is valued at about $2.5 billion, citing people familiar with the matter.
The seller, Odyssey Investment Partners, and the Champions leadership team will retain a significant minority stake in the company, according to the release.
Champions Group, led by CEO Frank DiMarco, employs more than 2,400 people nationwide and operates a membership-based model with roughly 150,000 active members.
“We believe Blackstone’s resources and expertise will help us accelerate growth, strengthen our market leadership, and continue raising the bar for the home services industry,” DiMarco said in a statement.
The home services company has been growing its national portfolio through a roll-up strategy over the past few years. Recent purchases include Bee’s Plumbing in Seattle and McAfee Heating and Air Conditioning of Dayton, Ohio.
The transaction is expected to close by midyear.
Read the Feb. 23 edition of the Business Journal for more details
